I just took some more profits on my short trade at 133.01 (+264 pips) as the pair may be slowing its descent. The last three hours haven’t seen the pair reach new lows. I’ve left the remainder profit stopped at +100 so we’ll see what happens next. In order to see a bounce, one would expect RSI to leave the oversold reading of below 30 on the hourly chart. It’s not doing so yet.
© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.